Whispering Winds Corp. purchased a one$-$year insurance policy in January $2024$ for $$33120.$ The insurance policy is in effect from March $2024$ through February $2025.$ If the company neglects to make the proper December $31,2024$ year$-$end adjustment for the expired insurance

net income and assets will be overstated by $$27600.$

net income and assets will be understated by $$27600.$

net income and assets will be understated by $$5520.$

net income and assets will be overstated by $$5520.$